Wayfair, a VC-backed online retailer of home furnishings and decor, has raised $157 million in Series B funding at a reported $2 billion valuation. The round, which was led by T. Rowe Price Associates, brings the company's total funding to about $358 million. Wayfair's VC backers include Battery Ventures, Spark Capital, Great Hill Partners and HarbourVest Partners, all of which participated in the company's previous $165 million Series A round in 2011.
The new financing comes at a time when Wayfair is getting very serious about going public. The company has already reportedly selected four banks as underwriters for its planned IPO: Goldman Sachs, Bank of America, Citigroup and Allen & Co. Wayfair reported an annual growth rate of 55% in 2013 and ended the year with $915 million in revenue.